The Italian Sea Group

Investor Presentation • Jun 25, 2024

The Italian Sea Group

INVESTOR PRESENTATION LONDON, JUNE 2024

The Italian Sea Group

EXECUTIVE SUMMARY

BUSINESS REVIEW

COMMITMENT TO SUSTAINABILITY

| EMARKET

EXECUTIVE SUMMARY

Revenues amounting to Eu 95.6 mn, +12.2% vs Q1 2023 EBITDA amounting to Eu 16.1 mn, +16.6% vs Q1 2023, with a Margin on Revenues of 16.8% Order Book amounting to Eu 1,344 mn at March 31 st , 2024 Investments for the period amounting to Eu 2 mn Net Financial Debt equal to Eu 25 mn following the actualisation of the state concession to 2072

2024 Guidance Confirmed: Revenues between Eu 400 – 420 mn and EBITDA Margin between 17 – 17.5%

2025 Strategic Outlook: Revenues between Eu 430 – 450 mn and EBITDA Margin between 18 – 18.5%

FLOATING MASTERPIECES

PICCHIOTTI
SINCE ISINCE ISS

NCA REFIT

TECNOMAT

The Italian Sea Group

PERINI NAVI

Unrivalled success story founded on the revamping of heritage Italian brands, focus on design and product quality, investments on production capacity, and commitment to financial growth and solidity.

The Group's ambition is to exceed Eu 500mn in Revenues.

STOCK PERFORMANCE VS LEADING LUXURY PEERS

TISG's stock performance was in line with leading luxury brands.

Source: Factset. Updated on 21/06/2024.

The Italian Sea Group

A FERRARI +90.7%

TISG +62.5%

~ , HERMÉS +46.7%

MARCONNY BRUNELLO CUCINELLI +37.0%
MARK

MONCLER +12.2%

LVMH +3.3%

KERING -33.8%

SALVATORE FERRAGAMO -47.1%

POSITIONED AT THE TOP OF THE LUXURY PYRAMID

Luxury pyramid

Life's better at the top

Source: GAM as of March 2024.

The views are the manager and are sulject b chancial instuments are provided for illustrative purposes only and stall not be considered as a direct offening, investment recommendation or investments of heir respective owners and are used for illustrative pupposes and should not be construel or sponsorship of GM.

The Italian Sea Group

| EMARKET

COMMERCIAL APPROACH & CONTRACT STRUCTURE

TISG's commercial approach and contract structure aim at eliminating risks with respect to inventory, achieving favourable working capital dynamics, and locking in contractual margins.

ORDER TY PE	ADVANCE PAYMENTS CON (% OF PURCHA
OVER SOLMIT LOA	CONTRACT SIGNING 10%	FROM 8 TO 10 INS REPRESENT 80% IN TO
THE CITY OM AR FOR LAMBORGHINI 63	CONTRACT SIGNING 10%	MID-PAYMENT 30%

The Italian Sea Group

ITRACT STRUCTURE SE PRICE)

TALMENTS ING TAL

DELIVERY 10%

MD-PAYMENT 30%

DELIVERY 30%

MARINA DI CARRARA STATE CONCESSION RENEWED UNTIL 2072

The Italian Sea Group

HEADQUARTERS "NEW ERA"

+3,500 SQM

EXPANSION

IN MARINA DI CARRARA

The Italian Sea Group

CONTEMPORARY ART GALLERY

OWNER PRIVATE LOUNGE BAR

VIRTUAL ROOM & NEW OFFICES

TISG MUSEUM

LA SPEZIA FORMER PERINI NAVI FACILITES

The Italian Sea Group

LA SPEZIA

VIAREGGIO FORMER PERINI NAVI FACILITIES

The Italian Sea Group

COMMERCIAL FLAGSHIP IN VIAREGGIO- EXTERIOR

COMMERCIAL FLAGSHIP IN VIAREGGIO - INTERIOR

WOODWORKING HUB IN VIAREGGIO

CELI 1920 WOODWORKS

The Italian Sea Group

CELI NEW FACILITIES

CELI NEW FACILITIES

TISG TURKEY

The Italian Sea Group

NAVEKS- YALOVA

1259

HERÇELIK - YALOVA

HICRI ERCILI- YALOVA

| EMARKET

BUSINESS REVIEW

SUMMARY OF KEY Q1 2024 RESULTS

The Italian Sea Group

EMARKET

yachts not yet delivered to the clients, net of the revenues already recorded in the income statement

Resilient client base (UHNWI), cash-buyers who do not require any financing to purchase the products. Strict commercial policy with no trade-ins or sale of used boats, eliminating inventory risk.

REVENUES - SHIPBUILDING & REFIT

The Italian Sea Group

| EMARKET

The increase in marginality over time is attributable to:

• (i) Strong attention to operating cost management
• (ii) Improved efficiency of production processes
• (iii) Benefits coming from the expansion in production capacity with mix between Shipbuilding and Refit
• (iv) Internalisation of key supply chain activities
• (v) Increase in sale prices due to improved brand awareness
• (vi) Economies of scale

During the first quarter of 2024, the Company carried out Investments

• (i) The completion of the works for the enhancement of Celi 1920 facilities
• (ii) Activities related to the «TISG NEW ERA» project for the extension of commercial offices
  -
• (iii) Expansion of the Upholstery and Steelworks Business Units in the Marina di Carrara Headquarters

–

• Eu 400 – 420mn in 2024
• Eu 430 – 450mn in 2025
• 17 – 17.5% in 2024
• 18 – 18.5% in 2025
• Distribution of 40-60% of Net Profit as yearly dividend

*Subject to temporary impacts from M&A and Capex strategy

Neutral level of leverage subject to a cap of 1.5x LTM EBITDA

COMMITMENT TO SUSTAINABILITY

Focus on fighting climate change through an effective environmental management system and making concrete moves towards decarbonisation

Sustainable management of the supply chain and conscious commitment to increase employee wellbeing and development

Build on solid governance and promote internally and externally business ethics and sustainable values

FIRST ESG RATING BBB

Adhesion to UN Global Compact

Appointment of a Sustainability Committee

Publication of first Non Financial Report compliant with GRI

Appointment of a new Board of Directors with strong female presence

Solid Governance

Suppliers' Code of Conduct

Quality Occupational Health & Safety

Environmental Risk assessment and control

Authorised Economic Operator

• M/Y Quinta Essentia 55mt (2016) was the biggest hybrid yacht in the world at her delivery

• Today, offering the best alternative propulsion options upon clients' requests

• Voluntary "green class" notation

• DPF and catalytic filters
• Solar panels installed on the deck-house
• Battery pack allowing for 6h full-load at anchor and 4h sailing at zero emissions
• Manoeuvres in port and protected areas in full electric mode

THE ITALIAN SEA GROUP

Disclaimer

This document has been prepared by The Italian Sea Group S.p.A. ("TISG" or the "Company") for use during meetings with investors and financial analysts and is solely for information purposes. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by TISG.

This presentation may contain forward looking statements which reflect Management's current views with respect to future events and financial and operational performance of the Company and estimates. These forward-looking statements are based on TISG's current expectations and projections about future events.

Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of TISG to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. TISG does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Figures as absolute values and in percentages are calculated using precise financial data. Some of the differences found in this presentation are due to rounding of the values expressed in millions of Euro. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company.

The Manager in Charge of preparing the Corporate accounting documents, Marco Carniani, declares pursuant to and to the effects of article 154-bis, paragraph 2 of Legislative Decree no. 58 of 1998, as amended, that the disclosures included in this document correspond to document results, books and accounting records.